# In the matter of TDH Reality LLP vs. DHFL Investments Limited & Ors.

> NCLAT judgment dated 2023-09-27. Citation: TCN-2023-NCLAT-00157. The case involves two appeals, Company Appeal (AT) (Insolvency) No. 361 of 2021 and Company…

- **Court:** NCLAT
- **Order date:** 27 Sept 2023
- **Citation:** TCN-2023-NCLAT-00157
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/tdh-reality-llp-vs-dhfl-investments-limited-ors-ae16c343

## Summary

### Background

The case involves two appeals, Company Appeal (AT) (Insolvency) No. 361 of 2021 and Company Appeal (AT) (Insolvency) No. 476 of 2021, filed against orders passed by the Adjudicating Authority/National Company Law Tribunal, Mumbai Bench. The first appeal challenges an order dated 26.03.2021 in IA 2168 of 2020 in CP (IB) 4258/MB/C-II/2019, while the second appeal challenges an order dated 07.06.2021 in IA 449/2021 in the same CP. The appeals were filed by TDH Realty LLP, challenging the Adjudicating Authority's decisions regarding the sale of shares of DHFL Pramerica Life Insurance Company (DPLI) and the approval of the Resolution Plan of Piramal Capital and Housing Finance Limited (PCHF/SRA). The appellant sought to withdraw the appeals based on a settlement agreement,

…

## Facts

1. TDH Realty LLP filed appeals against orders passed by the Adjudicating Authority regarding DHFL's insolvency resolution process.
2. DHFL held 50% shares in DHFL Pramerica Life Insurance Company (DPLI).
3. DHFL sold its shares in DPLI to DHFL Investment Limited for Rs. 2,000.5 Crores.
4. DHFL Investment Limited issued Compulsory Convertible Debentures (CCDs) to Wadhwan Global Capital LTD to finance the acquisition.
5. Wadhwan Global Capital LTD issued Non-Convertible Debentures (NCDs) of Rs. 1900 Crores by pledging its CCDs, which were subscribed by three mutual fund companies.
6. TDH Realty LLP purchased 10,605 NCDs from West End Investment & Finance Consultancy and Advent Buildwel Pvt. Ltd.
7. DHFL was admitted into Corporate Insolvency Resolution Process (CIRP).
8.

…

## Issues and analysis

### Issue 1: Whether TDH Realty LLP is …

**Ratio:** The right to withdraw an appeal rests with the appellant, provided there are no legal

…

**Reasoning:** The court found that the Appellant still continues to be shown as designated partner in

…

**Interpretation:** The LLP Act, 2008, and the LLP Rules, 2009, outline the requirements for

…

**Application:** The court applied the provisions of the LLP Act, 2008, and the LLP Rules, 2009,

…

## Parties

- **Judges:** Rakesh Kuma…; Naresh Sa…
- **Appellants:** TDH Realt…
- **Respondents:** Dewan Housing…; DHFL Investments…

## Timeline

- **2021-03-26 — Impugned Ord…**: Order passed by the Adjudicating Authority/National Company Law Tribunal, Mumbai Bench,…
- **2021-06-07 — Impugned Ord…**: Order passed by the Adjudicating Authority/National Company Law Tribunal, Mumbai Bench,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/tdh-reality-llp-vs-dhfl-investments-limited-ors-ae16c343